ECB's Hansson: History will remember crypto as a ‘load of nonsense'

Ardo Hansson, the front runner for the European Central Bank's presidency, has said he does not believe in the future of crypto. Speaking at a conference in Latvia, the central-bank governor predicted that crypto would be dead within a few years and that the world has entertained "a fairy-tale story."

According to Bloomberg, the Estonian national told the audience regulators should prioritise protecting vulnerable crypto investors, and target those using crypto for criminal activity. He also voiced concerns about traditional institutions' growing interest in crypto and the risks for financial instability that may arise.

Estonia has so far been fairly accommodating of firms dealing in virtual assets, issuing nearly 500 licenses to crypto exchange providers last year. This includes locally-based DX.Exchange, which will start trading US shares in crypto next week.

About Author

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.